Jindal Stainless posts Rs 51.92-crore profit in September quarter

Jindal Stainless Ltd (JSL) on Monday reported a standalone net profit of Rs 51.92 crore for the quarter ended September 30, 2019.

The company had posted a loss of Rs 36.44 crore in the year-ago period, JSL said in a filing to the BSE.

Its total income increased to Rs 3,177.67 crore in the quarter under review from Rs 3,075.24 crore in the same quarter a year ago.

"Despite moderate business sentiment, JSL was able to maintain a steady performance through consistent improvement in operational parameters and internal cost efficiencies," JSL Managing Director Abhyuday Jindal said in a separate statement.

A weak global outlook was compounded by soaring imports from Indonesia over the last few months, adding pressure on margins, he said.

On India's withdrawal from mega trade deal RCEP, Jindal said that "even though the government's decision to withdraw from RCEP is a welcome move, it is not adequate to keep the domestic industry at the same level as its global peers."

"We have sensitised the government about other imminent issues plaguing the industry, and look forward to more such steps in the future," he added.

The quarter witnessed steep volatility in alloy prices, he said, adding that nickel price increased sharply whereas ferrochrome and mild steel scrap prices fell during the quarter, neutralising the raw material fluctuation on inventory valuation.